Any way to keep accepting offers while under contract?

Question

When a house is under contract, it is taken off the market. Sometimes, the contracts will fall through, and in the meantime you lost several weeks worth of potential offers.

Ericka Parrott · Answer

I always, and I mean always have a backup offer on listed property.  The same for off-market properties. Deals, fall through, people can't get financing, and if its a "cash deal" sometimes life events happen and your investor can't close. I suggest changing your strategy to always accepting and marketing for backup offers on all your deals.

J Scott · Answer

Legally, you are allowed to accept backup offers.  That said, a couple things to keep in mind:

-  If the house is listed on the MLS, you will need to verify with  the listing broker and the MLS that is it within their rules to keep the  property Active on the MLS once it's under contract.  The MLS (or the  broker) may not allow this.

-  If the house is listed on the MLS, and the MLS/listing broker are okay with the listing staying active, the buyer's agent may still want you to pull the listing down (or market it "Under Contract") once it's under contract.  Be prepared to disclose to the buyer's agent that you want to keep the listing active and keep marketing for backup offers.  This could piss off the buyer's agent or buyer, so be prepared for that as well.

-  Make sure you disclose to any buyers who look at the house that it is under contract, but that you are accepting backup offers.  You run the risk of pissing off buyers and buyer's agents if you don't disclose that during the first conversation.

Jennifer Marshall · Answer

Yes, you can accept back-up offers.